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    Press Statement - Introduction of Gold Coins

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    Nyamutatanga Makombe
    The Reserve Bank of Zimbabwe is introducing a new gold coin called the Mosi-Oa-Tunya Gold Coin. The coin will weigh one troy ounce and be 22 carats in purity. It can be used as a store of value, for transactions, and as collateral for loans. The coins will be available for purchase through banks starting on July 25th.

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    Press Statement - Introduction of Gold Coins

    Uploaded by

    Nyamutatanga Makombe
    11 views1 page
    The Reserve Bank of Zimbabwe is introducing a new gold coin called the Mosi-Oa-Tunya Gold Coin. The coin will weigh one troy ounce and be 22 carats in purity. It can be used as a store of value, for transactions, and as collateral for loans. The coins will be available for purchase through banks starting on July 25th.

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    Press-Statement---Introduction-of-Gold-Coins (1)

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    The Reserve Bank of Zimbabwe is introducing a new gold coin called the Mosi-Oa-Tunya Gold Coin. The coin will weigh one troy ounce and be 22 carats in purity. It can be used as a store of value, for transactions, and as collateral for loans. The coins will be available for purchase through banks starting on July 25th.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    11 views1 page

    Press Statement - Introduction of Gold Coins

    Uploaded by

    Nyamutatanga Makombe
    The Reserve Bank of Zimbabwe is introducing a new gold coin called the Mosi-Oa-Tunya Gold Coin. The coin will weigh one troy ounce and be 22 carats in purity. It can be used as a store of value, for transactions, and as collateral for loans. The coins will be available for purchase through banks starting on July 25th.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    N K OF Z

    BA I

    M
    E
    S E RV

    BA
    B WE
    RE
    PRESS STATEMENT

    INTRODUCTION OF GOLD COINS

    Pursuant to the resolution of the Monetary Policy Committee of 24 June 2022 to introduce
    gold coins into the market as a store of value, the Reserve Bank of Zimbabwe (“the Bank”)
    wishes to advise the public of the salient features and characteristics of the gold coin.

    The gold coin shall be called the Mosi-Oa-Tunya Gold Coin with the following
    characteristics:

    (i) Weight – one troy ounce.


    (ii) Purity – 22 carats.
    (iii) Identification – Each coin will have a serial number.
    (iv) Ownership - Upon purchase, the buyer shall take physical possession of the coin
    and be issued with a Bearer Ownership Certificate. The buyer or holder of the coin
    may opt to place it in the custody of bankers of own choice in which case a safe
    custody certificate/receipt will also be issued.
    (v) Liquidity and Tradability - The coin will have liquid asset status, that is, it will
    be capable of being easily converted to cash, and will be tradable locally and
    internationally. The coin may also be used for transactional purposes.
    (vi) Prescribed Asset Status - The coin will have prescribed asset status and
    institutional investors can use it to meet regulatory requirements for prescribed
    asset investments.
    (vii) Collateral – The coin can be used as security for loans and credit facilities.
    (viii) Buy Back Arrangement – At the instance of the holder, the Bank will buy back
    the coin.
    The gold coins will be available for sale to the public from 25 July 2022 in both local
    currency (ZW$) and United States Dollars (US$) (and other foreign currencies) at a price
    based on the prevailing international price of gold and the cost of production. The coins
    will be sold through the Bank and its subsidiaries, Fidelity Gold Refinery (Private) Limited
    and Aurex (Private) Limited, local banks and selected international banking partners.
    Entities selling the coins shall be required to apply Know Your Customer (KYC) principles.

    John P Mangudya
    Governor
    4 July 2022

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